The announcement that Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year sent crude oil prices up a dollar a barrel in Tuesday’s trading—the highest since November 2022. It also created worries among investors who believe it could create shortages during the peak winter demand.
US benchmark, West Texas Intermediate gained $1.14 or 1.3% to close at $86.69 a barrel on a 10-month high.
Global benchmark Brent crude gained $1.04 or 1.2% and finished at $90.04 a barrel on ICE Futures Europe.
October natural gas fell 19 cents to $2.58 per 1,000 cubic feet.
While crude prices rose, it had the opposite effect on Oklahoma energy stocks as most experienced moderate losses for the day. A few, such as Helmerich & Payne, Devon Energy and Mammoth Energy recorded modest gains.
33.28-0.50 (-1.48%)
APA Corp. (Apache) (APA) up 0.24 at 45.32 – change 0.53%
Cheniere (LNG) down 1.16 at 166.18 – change 0.70%
Chevron (CVX) up 2.16 at 166.46 – change 1.31%
ConocoPhillips (COP) up 0.69 at 122.83 – change 0.56%
Diamondback Energy (FANG) down 0.47 at 154.19 – change 0.31%
Energy Transfer LP (ET) up 0.16 at 13.78 – change 1.17%
Enterprise Products Partners (EPD) up 0.01 at 26.72 – change 0.03%
EOG Resources (EOG) up 2.41 at 133.38 – change 1.83%
ExxonMobil (XOM) up 0.01 at 113.53 – change 0.01%
Kinder Morgan (KMI) down 0.08 at 17.07 – change 0.41%
Marathon Oil Corp. (MRO) up 0.05 at 27.16 – change 0.18%
NOV Inc. (NOV) down 0.13 at 21.47 – change 0.61%
Occidental Petroleum (OXY) up 1.61 at 66.18 – change 2.49%
Phillips 66 (PSX) down 0.43 at 116.74 – change 0.37%
Pioneer Natural Resources (PXD) up 3.21 at 243.03 – change 1.33%
Tellurian Inc. (TELL) unchanged at 1.13 – change 0.00%
Valero (VLO) down 0.46 at 133.12 – change 0.35%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) down 1.52 at 76.00 – change 1.97%
CenterPoint (CNP) down 0.32 at 27.33 – change 1.16%
Entergy (ETR) down 1.67 at 92.67 – change 1.78%
